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Business Management 3 & 4 > AOS1 > Flashcards

AOS1 Flashcards

1
Q

Sole Trader

A

A sole trader is a business structure owned and operated by a single person.

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2
Q

Partnership

A

A partnership is a type of business owned by two to 20 owners.

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3
Q

Private limited company

A

A private limited company is an incorporated business with at least one director and up
to 50 selected shareholders.

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4
Q

Public listed company

A

A public listed company is an incorporated business that can sell shares in an open market
to an unlimited number of shareholders.

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5
Q

Social enterprise

A

A social enterprise is a business that aims to make a profit and improve the community
or environment.

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6
Q

Government business enterprise

A

Government business enterprise is a profit driven business that is owned by but managed
separately from the government.

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7
Q

Unincorporated

A

Unincorporated is an owner and
business being viewed as a single
legal entity.

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8
Q

Incorporated

A

Incorporated is a business being
established as a separate legal
entity from the owners.

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9
Q

Unlimited liability

A

Unlimited liability is the complete
responsibility an owner has for a
business’s debts.

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10
Q

Limited liability

A

Limited liability is the protection
of a shareholder’s personal assets
against any business debt

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11
Q

Debts

A

Debts are the sums of money a
business owes to banks, suppliers
or even customers.

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12
Q

Proprietor

A

Proprietor is the owner of

a business.

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13
Q

Profits

A

Profits are the amount remaining
after all expenses are deducted
from a business’s income.

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14
Q

Personal income tax

A 
Personal income tax is a portion
of an individual’s earnings that is
paid to a government for public
services such as roads, schools
and hospitals.
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15
Q

Company tax

A 
Company tax is the portion of
profits a business pays to the
government for public services
such as the police, courts and
fire services.
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16
Q

Director

A

Director is the manager of a
particular area of a company often
selected for their expertise.

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17
Q

Shareholders

A

Shareholders are part-owners
of a business as they purchase
company shares.

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18
Q

Shares

A

Shares are the units of ownership
of a business that it sells to raise
funds.

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19
Q

Open market

A

Open market is a public arena
where people can buy and sell
items of commercial value freely.

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20
Q

Australian Securities Exchange

A

Australian Securities Exchange
is the electronic market where
Australian public company shares
are bought and sold.

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21
Q

Share price

A

Share price is the value of a single
share of a company that it can be
bought or sold for.

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22
Q

Dividends

A

Dividends are regular sums of
money paid out to shareholders
from a business’s profit.

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23
Q

Business objectives

A

Business objectives are the goals a business intends to achieve.

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24
Q

Revenue

A

Revenue is the amount of money
a business makes from its normal
business activities.

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25
Q

Expenses

A

Expenses are the costs of running

a business.

26
Q

Market share

A

Market share is a business’s
percentage of total sales within
an industry.

27
Q

Stakeholders

A

Stakeholders are individuals or groups that have a vested interest in the performance and
activities of a business.

28
Q

Vested interest

A

Vested interest is a strong
connection to a business that can
lead to personal gain or benefit

29
Q

Internal stakeholders

A 
Internal stakeholders are groups
who have a direct financial share
or are employed by the business
including owners, board of
directors, investors, shareholders
and employees.
30
Q

External stakeholders

A 
External stakeholders are
groups that are outside a
business but are concerned or
affected by its activities including
customers, suppliers and the
general community.
31
Q

Ethically

A

Ethically is the alignment to

current moral standards.

32
Q

Wages

A 
Wages are regular payments
of money earned by employees
for work or services completed,
typically paid on a weekly or
monthly basis.
33
Q

Conditions

A 
Conditions are the terms that an
employee and employer agree to
including job responsibilities, hours
of work, dress code and leave
entitlements.
34
Q

Corporate social responsibility (CSR)

A

Corporate social responsibility (CSR) is the ethical conduct of a business beyond legal
obligations to improve the social, economic and environmental outcomes of stakeholders.

35
Q

Operations

A

Operations as an area of management produces the goods or services that a business sells
to customers.

36
Q

Human resources

A

Human resources as an area of management establishes and manages the relationship the
business has with its employees, including their hiring, training and termination

37
Q

Sales and marketing as an area of management

A

Sales and marketing as an area of management promotes and sells the business’s goods
or services to customers.

38
Q

Finance as an area of management

A

Finance as an area of management handles the monetary requirements of a business.

39
Q

Technology support as an area of management

A

Technology support as an area of management installs automated equipment, machinery
and devices within the business and provides assistance to employees on the use of these
technologies

40
Q

Corporate culture

A

Corporate culture is the shared values and behaviours practised by managers and
employees within a business

41
Q

Official corporate culture

A

Official corporate culture is the shared values and beliefs desired by a business and
expressed through elements such as formal rules and symbols.

42
Q

Real corporate culture

A

Real corporate culture is the shared values and behaviours that are actually practised by
employees and managers and expressed through informal rules and habits.

43
Q

Policies

A

Policies are the formal and written

rules of a business.

44
Q

Mission statement

A

Mission statement is a formal
summary of the core focus of a
business apart from profit.

45
Q

Vision statement

A

Vision statement is a formal
summary of a business’s longer
term objective.

46
Q

Rituals

A

Rituals are practices within a business that occur regularly.

47
Q

Communication flow

A

Communication flow is the
direction of the transfer of
information between managers
and employees.

48
Q

Decision making

A

Decision making is deciding a
course of action for a business
from a set of alternatives.

49
Q

Centralised control

A

Centralised control is one person
having concentrated authority to
make decisions.

50
Q

An autocratic management style

A

An autocratic management style is a manager making decisions and directing employees
without any input from them.

51
Q

A persuasive management style

A

A persuasive management style is a manager making decisions and communicating the reasons for those decisions to employees without their input.

52
Q

A consultative management style

A

A consultative management style is a manager seeking input from employees on business
decisions but making the final decision themselves.

53
Q

A laissez-faire management style

A

A laissez-faire management style is a manager communicating business objectives to
employees and allowing them to make decisions independently.

54
Q

Planning

A

Planning is the manager’s ability to establish objectives and strategies to achieve them.

55
Q

Decision-making

A

Decision-making is the manager’s ability to determine a suitable course of action for the business from a range of alternatives.

56
Q

Communicating

A

Communicating is the manager’s ability to clearly exchange information with employees
and relevant stakeholders.

57
Q

Delegating

A

Delegating is the manager transferring authority and responsibility to employees for
business tasks.

58
Q

Interpersonal skills

A

Interpersonal skills is the manager’s ability to interact positively with employees to create
and maintain professional relationships.

59
Q

Leading

A

Leading is the manager’s ability to motivate employees to work towards business
objectives.

60
Q

A franchise

A 
A franchise is a business model
that licenses the business’s name,
product and procedures to people
outside the business, also known
as franchisees. Franchisees pay a
fee to the business in return for
an established brand, proven
business methods and a loyal
customer base.
61
Q

Franchisees

A 
Franchisees are individuals who
become business owners by
purchasing the right to trade using
another established business’s
brand, products and processes

Business Management 3 & 4 (3 decks)

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